KPI and QBE Strengthen Partnership to Boost Automotive Protection Insurance Sales with New Products

KPI and QBE Strengthen Partnership to Boost Automotive Protection Insurance Sales with New Products

KPI aims to enhance its market expansion policy by targeting new customer segments. Partnering with experienced domestic and international business allies, KPI is set to capture a larger share of the auto insurance market with new insurance products. This strategic move is designed to strengthen their competitive edge and drive sales growth in the insurance industry.

Ms. Suchavadee Sanganong, President of Krungthai Panich Insurance Public Company Limited or KPI, together with business partner QBE Automotive Protection or QBE, led by Mr. Albert Chow, General Manager Asia – QBE Automotive Protection, announced the news of collaborate under the Automotive Protection project to raise confidence in insurance services for customers in the car leasing group and leading financial institutions. With the expertise and experience of QBE is underlined by the insurer financial strength ratings by A.M. Best Rating at the level of “A Stable” and S&P Rating at the level of “A+ Stable” with revenue in 2023 at 20,825 Million U$.

QBE started doing business since 1997 during the 27 years of business operation. With over 30 countries worldwide and over 20 years of presence in Thailand and 6countries in Asia, QBE Automotive Protection has covered more than 8 million unit of customer ‘s vehicles.

KPI and QBE We have been doing business together for more than 5 years, jointly developing insurance products to penetrate the used car auto loan market through a group of leading financial institutions in car hire purchase financing in creating insurance plans to expand coverage for OEW Auto parts. Extended Warranty is Product of insurance that covers spare parts related to the mechanical and electrical systems of cars that have problems from normal use, equivalent to quality guarantees from car manufacturers. In most markets of Japanese cars, the warranty coverage from the manufacturer is 3 years, and for European cars, the warranty coverage is 5 years. After the warranty period expires, the car breaks down and must be repaired. Customers are concerned about the cost of car repairs.  The Extended Warranty from KPI will giving customers peace of mind while driving with this insurance key features include:

Key features include:

• Extended vehicle warranty for up to 3 years
• Vehicle eligibility not over 15yrs or 250,000kms. whichever come first and No inspection*
• Coverage for up to 13 major car part groups, with customizable plans.
• Repair by Nationwide Authorized Service Centers with Guaranteed 100% genuine parts.
• Unlimited number of claims, with the highest total claim value being the SUM insured amount. Customers do not have to pay in advance.
• 24/7 Emergency Roadside Assistance for peace of mind.
• Exclusion:*Does not cover in the vehicle case of modifications and does not cover for accessories, consumable spare parts and liquids for vehicle maintenance.

Mr. Albert Chow, General Manager of QBE Automotive Protection, stated, “We are pleased to be offering our Extended Warranty product to the Thai market for the first time and proud of our successful partnership with some of the country’s finest financial institutions. For the first time, Thai vehicle owners will be able to purchase a GAP product that extends the warranty, with approved by the OIC to supporting customers and banks alike. The product aims to offer fair value and is backed by a large financial institution.”

The President of KPI, emphasized the importance of adapting to the modern era where customer needs have become increasingly diverse due to various changes, including natural disasters, health issues, and the growing role of technology in work and life. “We see significant opportunities in the insurance market,” she said. “KPI prioritizes collaborating with strong partners like QBE Automotive Protection and our current allies to boost sales and explore new customer bases. Our policy also supports seeking new partnerships to expand our reach. Working with key partners like QBE Automotive Protection strengthens KPI with more than 20 years of experience. Ours is getting stronger. We have a plan to offer Auto Loan Protection Insurance products for car hirers (Auto Loan Protection Insurance) which is expected to launch in the market within the third quarter of 2024. It is mainly aimed at financial institution customers who have car hire purchase loans. It provides coverage for total vehicle damage (Total loss), lost car, fire or in the case of the car being stolen and robbed. by paying compensation to financial institutions according to the remaining leasing value and has set a goal to continue increasing sales together with QBE to grow up to 30% within the next 5 years,” added Ms. Suchavadee Sanganong, president of KPI.

In 2024, KPI marks a significant milestone under the new leadership of Ms. Suchavadee Sanganong, president of KPI. Earlier this year, KPI refreshed its brand to present a modern image that builds customer confidence and aligns with contemporary business trends. This strategic move aims to strengthen and propel the company towards achieving its vision: “Ensure Your Future For A Better Journey.” This vision aligns with KPI’s six organizational missions: TRUST, SUSTAINABILITY, SIMPLIFIED SERVICE, PARTNERS, EMPLOYEES, and INNOVATION. The company also introduced a new slogan, “Your Trust, Our Care,” emphasizing its commitment to meeting the diverse needs of both new and existing customers in today’s varied lifestyle landscape.

Ms. Suchavadee Sanganong, president of KPI, stated, “As part of our plan to refresh the KPI brand, we have revisited our corporate strategy and established a new vision and mission. Our business vision, ‘Ensure Your Future For A Better Journey,’ emphasizes meticulous attention to every aspect of our operations. This commitment extends to our customers, agents, brokers, business partners, and the development of our employees’ skills and potential. Additionally, we are dedicated to social responsibility and sustainable development.”

Ms. Suchavadee revealed the company’s performance for the first quarter of 2024. The company’s total assets amounted to 13,911  million THB, with insurance premiums totaling 1,143  million THB. This represents a 13% growth compared to the same period in 2023. The distribution of premiums includes 50.09% miscellaneous insurance, 38.58% auto insurance, 11.09% fire insurance, and 0.24% marine insurance. The net profit reached 132 million THB. These figures are as of the reference March 31, 2024.

For the fiscal year 2024, KPI aims for total insurance premiums of 5,455 million THB, anticipating a 5% growth from the previous year. Looking ahead to 2027, the company projects total insurance premiums to reach 7,000 million THB.

KPI is dedicated to evolving the organization towards success in its new vision, ready to meet the needs of customers in today’s era. This commitment is realized through a diverse range of products and services, underscored by the slogan “Your Trust, Our Care.”